2,000 more properties for social housing

DOUBLING UP: Twice as many properties for social housing provided by ‘bad bank’ Sareb.

SAREB, the so-called ‘bad bank’ in Spain has announced that it will double the original amount of properties which were to be made available for social housing across Spain.

The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) is a private entity that was created in November 2012, in order to help clean up the Spanish financial sector, and more specifically the institutions that have been experiencing issues as a result of excessive exposure to the real estate sector.

The majority of Sareb’s share capital is private, with 55 per cent (mainly represented by 14 national banks and 10 insurance companies), whilst 45 per cent  is owned by the Fund for Orderly Bank Restructuring (FROB), the public entity created in order to manage the banking sector restructuring process.  

Sareb’s managing director Jaime Echegoyen made an appearance before the Senate’s Economic Commission to present the bank’s results for the first half of 2015 and he took the opportunity to make the housing announcement at the same time.

The number of properties to be made available for social housing is now 4,000.

Since its inauguration the bank has made social housing deals with such regional governments as Catalonia, Galicia, Aragon, the Balearics and the Basque Country. 

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